There has been a lot of hysteria about the quality and noise of this camera on certain other forums.

If you download the 1080P MOV file you can clearly see that something odd is going on with the dark-gray / mid-black tones. The darker blacks are fairly noise free and the lighter tones are also fairly noise free, but something is causing a lot of noise with the black clothing that the models are wearing in Leo's studio film.

The best example of this odd noise is the model on the green-screen background, where her dress has a very noisy appearance but her sun-glasses which are darker look noise-free. I am going to assume that this has to do with camera settings and learning how to optimize them when shooting dark-gray subjects. It's not a deal breaker, but something to watch out for.

What I would like to see is 1080P video of gradated white to black exposure range step chart, to see if this issue is caused by a specific tone of dark gray.

Unless she is wearing an electronic dress that can randomly display blocky dark-gray patterns, it definitely looks like noise to me. The strange part is that the noise is limited to a these mid-dark gray tones, and does not appear on lighter or darker tones in the image.

Based upon Timur Civan's blog entry for Dec 1st and 2nd, the weird mid-gray black noise might have been a black-balance issue. Check out his 15 second video shot at 1,600 ISO with the AF100. ( scroll down the page to find the entries )

Get a life guys - this is the most amazing footage I have seen, sub £5k, in my whole dicky mint. Sorry about the qualoquilism. Bit of noise in the greys - I'll buy it.
To quote Janis Joplin 'Oh Lord - send me a set of Cooke Super 35's'
OK - maybe she didn't say that.... But she would have.

In pure IQ it does look a bit behind the best vDSLR -especially in regards to noise and true resolution. It appears to be higher noise than the newest small sensor pro video cams. That's a bit disappointing, but not too surprising at the price point.

But the features should more than offset these possible negatives in many projects. Assuming one has fast enough glass for meaningful DOF control on the 4/3 sensor.

The downloadable footage from Vimeo is about half a gigabyte and should be fairly representative of what comes out of the camera. But it is a pre-production camera, so I don't see drawing any conclusions. For me it means taking a extra look at low light performance when the camera becomes available.
I'm curious about skew too. I would like to see some fast pans.